Volkswagen CEO Herbert Diess has one of the hardest jobs in the global auto industry. He oversees more than 600,000 employees, 10 brands and 120 factories — not to mention VW’s office politics are frequently frightful. In return for dealing with all this, he earns about €10.5m .
I mention Diess because VW owns 20% of QuantumScape and is thus its largest shareholder. And this week VW representatives voted to approve Singh’s bonus plan at QuantumScape’s shareholder meeting, along with an “overwhelming” majority of other investors. Explaining the thinking behind its “extraordinary performance award program,” QuantumScape’s directors acknowledged reviewing “similar long-term compensation proposals adopted by other public companies”. And achieving QuantumScape’s goal to accelerate the transition away from fossil fuels requires top managers to “remain dedicated to the company throughout the decade and that the organization be inspired to ‘think big’,” they further explained in the shareholder letter.
The five share price hurdles he must reach apply to the average closing value during 120 trading days, thereby ensuring the plan won’t pay out if the shares spike only briefly, unlike some bonus plans I’ve reviewed. Linking the share price trigger to actual business achievements is also good practice, as Singh must first achieve the operational milestone before the stock price will even be considered.
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